Merchandise Exports scale a new high in April; cross USD 40 billion, registering 30% growth over April, 2021

Petroleum products, Electronic goods, processed food, coffee, leather product lead the way with significant increase in exports
Service exports up by 53%; Overall exports jump by 39%

INDIA’S FOREIGN TRADE: April 2022

• After a record performance in the last financial year, the exports continued robust growth in April, 2022 with merchandise exports scaling a new high by crossing USD 40 bn. This is an increase by over 30% vis-à-vis April 2021. Petroleum products (127.69%), Electronic goods (71.69%), cereals (60.83%), coffee (59.38%), processed food (38.82%) and leather product (36.68%) exports led the way in achieving the record performance. Services performed extremely well to reach USD 27.60 bn, which is an increase of 53% over April 2021.

• India’s overall exports (Merchandise and Services combined) in April 2022* are estimated to be USD 67.79 Billion, exhibiting a positive growth of 38.90 per cent over the same period last year. Overall imports in April 2022* are estimated to be USD 75.87 Billion, exhibiting a positive growth of 36.31 per cent over the same period last year 

Table 1: Trade during April 2022* 

* Note: The latest data for services sector released by RBI is for March 2022. The data for April 2022 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April 2021 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Overall Trade during April 2022*

MERCHANDISE TRADE

• Merchandise exports in April 2022 were USD 40.19 Billion, as compared to USD 30.75 Billion in April 2021, exhibiting a positive growth of 30.70 per cent.
• Merchandise imports in April 2022 were USD 60.30 Billion, which is an increase of 30.97 per cent over imports of USD 46.04 Billion in April 2021.
• The merchandise trade deficit in April 2022 was estimated at USD 20.11 Billion as against USD 15.29 Billion in April 2021, which is an increase of 31.50 per cent.

Fig 2: Merchandise Trade during April 2022

• Non-petroleum and non-gems & jewellery exports in April 2022 were USD 28.46 Billion, registering a positive growth of 19.89 per cent over non-petroleum and non-gems & jewellery exports of USD 23.74 Billion in April 2021.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 35.68 Billion in April 2022 with a positive growth of 34.37 per cent over Non-petroleum, non-gems & jewellery imports of USD 26.55 Billion in April 2021.

Table 2: Trade excluding Petroleum and Gems & Jewellery during April 2022 

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 3: Trade excluding Petroleum and Gems & Jewellery during April 2022

SERVICES TRADE

• The estimated value of services export for April 2022* is USD 27.60 Billion, exhibiting a positive growth of 52.87 per cent vis-a-vis April 2021 (USD 18.06 Billion).
• The estimated value of services import for April 2022* is USD 15.57 Billion exhibiting a positive growth of 61.87 per cent vis-à-vis April 2021 (USD 9.62 Billion)
• The services trade balance in April 2022* is estimated at USD 12.03 Billion, which is an increase of 42.61 per cent over April 2021 (USD 8.44 Billion).

Fig 4: Services Trade during April 2022*

Table 3: Export Growth in Commodity Groups in April 2022

Table 4: Import Growth in Commodity Groups in April 2022

Table 5: MERCHANDISE TRADE 

 Table 6: SERVICES TRADE 

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